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BizReport : Trends & Ideas archives : October 20, 2016

Mobile banking logins outpacing desktop

More than 2billion people will have used their mobile device for mobile banking activity by the close of 2021, according to new research from Juniper, driven by consumer adoption of banking apps.

by Helen Leggatt

This year, 1.2billion people will use their mobile device to conduct mobile banking tasks. That, says Juniper in its new report, 'Retail Banking: Digital Transformation & Disruptor Opportunities 2016-2021', will increase to 2billion globally by the end of 2021.

In many markets mobile logins now exceed desktop. In the UK, for example, the British Trade Association for Banking (BBA) reported that while 4.3million people per day logged on to Internet banking that figure was 11million per day for banking apps.

Meanwhile, Juniper reports that banks are increasingly concerned about their market position with the influx of new pure-play and tech vendors entering the marketplace.

"Recent industry shifts highlight why traditional banks must respond rapidly to retain market share by cultivating new revenue channels and enhancing existing base through sustained innovation," said research author Nitin Bhas. "However, the challenge here for new players is to increase market share and maintain profitability in the long run."

A recent study released by Visa reveals that, across Europe, the proportion of people who regularly use a mobile device to make everyday payments has tripled. More than half (54%) of consumers now use a mobile to pay for a variety of activities, up from 18% last year.

Tags: banking, finance, mobile, research

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